Amgen Inc. announced Tuesday that it has completed the acquisition of biotechnology company Teneobio Inc. with a $900 million upfront cash payment and future contingent milestone payments potentially worth up to $1.6 billion to former Teneobio equity holders.

The acquisition was announced in July.


Teneobio’s proprietary antibody technologies have been picked up in the acquisition, which will bolster Amgen’s existing antibody capabilities, its immuno-oncology platform and how efficiently the company can find and develop new molecules that could potentially treat diseases.


“Teneobio’s expertise and technologies will further expand our repertoire of multispecific architectures and advance our overarching mission to develop transformative innovation to bring to market best-in-class products to serve our patients,” Dr. David Reese, Amgen’s executive vice president of research and development, said in a statement.


Shares of Thousand Oaks-based Amgen (AMGN) closed up $3.74, or 1.8 percent, to $206.87 on the Nasdaq Tuesday, a day when the market closed up a fraction of a percent.